Apple shares jumped as much as 2.7% Wednesday, hitting 11-month intraday highs, after the company revealed updated iPhones, Apple Watches, and iPads at its latest fall keynote.

The company also announced its TV+ streaming service will cost $4.99 per month. The price falls under Disney and Netflix's subscription services, and the two competitors saw their stock fall on Apple's pricing reveal.

Analysts praised Apple's pricing for the new streaming service, with Wedbush analysts calling the move "a major shot across the bow at the likes of Netflix and Disney."

Apple jumped as much as 2.7% on Wednesday following its latest keynote, hitting intraday levels not seen since October 2018.

Though the tech company is relying less on phone sales and more on its services business to lift revenue, the iPhone remains one of its most popular products. Wearable device and accessory revenue has also steadily risen as consumers upgrade their iPhones less frequently.

Apple TV+ is slated for a November 1 launch, and Apple Arcade will go live September 19. The two new services are tied to a slew of operating system updates set for fall release, including iOS 13, macOS Catalina, and watchOS 6.

Analysts were generally positive toward the Apple's pricing for its subscription service. UBS analysts praised the company for its bundling of services and hardware, an advantage Apple holds over most other players in the streaming wars. Analysts at Wedbush said Apple could gain as many as 100 million streaming consumers over the next three to four years.

"The pricing of Apple's streaming TV service at $4.99 per month is a 'show stopper' and a major shot across the bow at the likes of Netflix and Disney among others," Wedbush analyst Daniel Ives said.